Which one of the following statements is false concerning the price-earnings ratio?

	a.	Price-earnings ratios are sensitive to the accounting methods employed by the firm.
	b.	A firm with high earnings per share will also have a low price-earnings ratio.
	c.	A high price-earnings ratio can be interpreted that a firm currently provides less net income per dollar paid for one share of stock than most other firms.
	d.	A price-earnings ratio of 12 means that investors are willing to pay $1 for every $12 of current earnings.
	e.	A firm with high price-earnings ratio often has good prospects for future growth.